You are here » Home » Companies » Company Overview » Balmer Lawrie Vanleer Ltd

Balmer Lawrie Vanleer Ltd.

BSE: 505864 Sector: Industrials
NSE: N.A. ISIN Code: INE920D01015
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Balmer Lawrie Vanleer Ltd. (BALMERLAWRVANL) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To the Members of Balmer Lawrie-Van Leer Limited

REPORT ON THE FINANCIAL STATEMENTS

1. We have audited the accompanying financial statements of Balmer Lawrie-Van LeerLimited (the "Company") which comprise the Balance Sheet as at 31 March 2014and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards notified under the Companies Act 1956 (the"Act") read with the General Circular 15/2013 dated 13 September 2013 of theMinistry of Corporate Affairs in respect of section 133 of the Companies Act 2013. Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of Company's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

BASIS FOR QUALIFIED OPINION

6. We draw your attention to the following matters:

(a) As stated in Note 39 to the financial statements the Company has not accruedinterest aggregating Rs. 16361279 (previous year Rs. 16361279) on a loan in accordancewith terms of such loan agreement. Had the Company provided for interest in accordancewith the terms of the aforesaid agreement net profit for the year ended 31 March 2014would have been lower by Rs.11052862 (Previous year: Rs.30948014) other currentliabilities as at 31 March 2014 would have been higher by Rs.62172860 (Previous year:Rs.45811581) and the reserves and surplus as at that date would have been lower byRs.42000876 (Previous year: Rs.30948014). Further interest expense amounting toRs.45811581 (Previous year: Rs.Nil) would have been classified as a prior period item.Predecessor auditor's audit opinion on the financial statements for the year ended 31March 2013 was also qualified in respect of this matter.

(b) As stated in Note 39 to the financial statements non-current investments as at 31March 2014 held by the Company include an investment amounting to Rs.181791984 in itsjoint venture company Transafe Services Limited whose financial statements indicatesignificant accumulated losses and net worth being fully eroded however no provision hasbeen recognized in the books for 'other than temporary' diminution in value ofinvestments. In the absence of sufficient appropriate audit evidence we are unable tocomment upon the carrying value of this investment and the consequential impact if anyon the financial statements. Predecessor auditor's audit opinion on the financialstatements for the year ended 31 March 2013 was also qualified in respect of this matter.

QUALIFIED OPINION

7. In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of matter described in paragraph 6(a) and possibleeffects of the matter described in paragraph 6(b) in the Basis for Qualified Opinionparagraph the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31March 2014;

(b) in the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

8. As required by the Companies (Auditor's Report) Order 2003 (the "Order")issued by the Central Government of India in terms of sub-section (4A) of Section 227 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.

9. As required by Section 227(3) of the Act we report that:

(a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(b) except for the matter described in paragraph 6(a) in the Basis for QualifiedOpinion paragraph in our opinion proper books of account as required by law havebeen kept by the Company so far as appears from our examination of those books;

(c) the financial statements dealt with by this report are in agreement with the booksof account;

(d) except for the effects of matter described in paragraph 6(a) and possibleeffects of the matter described in paragraph 6(b) in the Basis for Qualified Opinion

paragraph in our opinion the financial statements comply with the AccountingStandards notified under the Companies Act 1956 read with the General Circular 15/ 2013dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 ofthe Companies Act 2013; and;

(e) on the basis of written representations received from the directors as at 31 March2014 and taken on record by the Board of Directors none of the directors is disqualifiedas at 31 March 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Act.

For Walker Chandiok & Co LLP
(formerly Walker Chandiok & Co)
Chartered Accountants
Firm Registration No: 001076N
Khushroo B. Panthaky
Place: Mumbai Partner
Date: May 20 2014 Membership No.: F-42423

Annexure to the Independent Auditors' Report of even date to the members of BalmerLawrie-Van Leer Limited on the financial statements for the year ended 31 March 2014

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over a period of 3 years whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. No material discrepancies were noticed on such verification.

(c) In our opinion a substantial part of fixed assets has not been disposed off duringthe year.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year except for goods- in-transit and stocks lying with thirdparties. For stocks lying with third parties at the year-end written confirmations havebeen obtained by the management.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies between physical inventory and book records were noticed on physicalverification.

(iii) (a) The Company has not granted any loan secured or unsecured to companiesfirms or other parties covered in the register maintained under Section 301 of the Act.Accordingly the provisions of clauses 4(iii)(b) to 4(iii)(d) of the Order are notapplicable.

(b) The Company has not taken any loan secured or unsecured from companies firms orother parties covered in the register maintained under Section 301 of the Act.Accordingly the provisions of clauses 4(iii)(f) and 4(iii)(g) of the Order are notapplicable.

(iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal control system in respect of these areas.

(v) (a) In our opinion the particulars of all contracts or arrangements that need tobe entered into the register maintained under Section 301 of the Act have been so entered.

(b) In our opinion the transactions made in pursuance of such contracts orarrangements and exceeding the value of Rs.five lakhs in respect of any party during theyear have been made at prices which are reasonable having regard to the prevailing marketprices at the relevant time.

(vi) The Company has not accepted any deposits from the public within the meaning ofSections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules 1975.Accordingly the provisions of clause 4(vi) of the Order are not applicable.

(vii) In our opinion the company has internal audit system commensurate with its sizeand nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of cost records underclause (d) of sub-section (1) of Section 209 of the Act in respect of Company's productsand are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. However we have not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete.

(ix) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund investor education and protection fund employees' state insuranceincome-tax sales-tax wealth tax service tax customs duty excise duty cess and othermaterial statutory dues as applicable with the appropriate authorities. Further noundisputed amounts payable in respect thereof were outstanding at the year-end for aperiod of more than six months from the date they become payable.

(b) There are no dues in respect of income-tax sales-tax wealth tax service taxcustoms duty excise duty and cess that have not been deposited with the appropriateauthorities on account of any dispute.

(x) In our opinion the Company has no accumulated losses at the end of the financialyear and it has not incurred cash losses in the current and the immediately precedingfinancial year.

(xi) In our opinion the Company has not defaulted in repayment of dues to any bankduring the year. The Company has no dues payable to a financial institution ordebenture-holders during the year.

(xii) The Company has not granted any loans and advances on the basis of security byway of pledge of shares debentures and other securities. Accordingly the provisions ofclause 4(xii) of the Order are not applicable.

(xiii) In our opinion the Company is not a chit fund or a nidhi/ mutual benefit fund/society. Accordingly provisions of clause 4(xiii) of the Order are not applicable.

(xiv) In our opinion the Company is not dealing or trading in shares securitiesdebentures and other investments. Accordingly the provisions of clause 4(xiv) of theOrder are not applicable.

(xv) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions. Accordingly the provisions of clause 4(xv) of the Order are notapplicable.

(xvi) In our opinion the Company has applied the term loans for the purpose for whichthese loans were obtained.

(xvii) In our opinion no funds raised on short-term basis have been used for long-terminvestment by the Company.

(xviii) During the year the Company has not made any preferential allotment of sharesto parties/companies covered in the register maintained under Section 301 of the Act.Accordingly the provisions of clause 4(xviii) of the Order are not applicable.

(xix) The Company has neither issued nor had any outstanding debentures during theyear. Accordingly the provisions of clause 4(xix) of the Order are not applicable.

(xx) The Company has not raised any money by public issues during the year.Accordingly the provisions of clause 4(xx) of the Order are not applicable.

(xxi) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

For Walker Chandiok & Co LLP
(formerly Walker Chandiok & Co)
Chartered Accountants
Firm Registration No: 001076N
Khushroo B. Panthaky
Place: Mumbai Partner
Date: May 20 2014 Membership No.: F-42423

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard